Shiba Inu (SHIB) 50% Surge Signals Start of 2X Rally, Expert Predicts – Here's His Outlook

According to the crypto analyst known as World of Charts, Shiba Inu (SHIB) has been trading within a descending broadening wedge pattern since March.

Cryptocurrency trader and analyst World of Charts has shared his latest technical analysis on Shiba Inu (SHIB), highlighting a potential breakout scenario and two price targets.

The pseudonymous analyst noted that SHIB has been trading within a descending broadening wedge pattern since March, and it is now showing signs of a potential breakout. He noted that the recent 50% price surge from its lows has brought SHIB price testing the upper boundary of this wedge formation.

A conclusive breakout above this trendline could confirm a bullish reversal and open the doors for further upside. World of Charts has outlined two price targets if the breakout is sustained.

The first target anticipates a 58.39% increase from the breakout point, which has already been hit. The second, more ambitious target anticipates a 125.55% rally to around $0.00004393.

However, if SHIB fails to break out or encounters resistance at the upper boundary of the wedge, it could consolidate further within the pattern or see a pullback to the lower boundary.

Overall, the technical analysis by World of Charts suggests that SHIB’s 50% surge has the potential to be just the beginning of a larger rise, contingent on the cryptocurrency breaking convincingly above the descending wedge resistance to resume its upward trajectory.

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